Long AUDUSD

 

This is a long audusd trade based on ichimoku.

Placing a stop loss level below Kijun-sen

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USDCAD Ichimoku Trading Forex Strategy 26-Oct-2015 1-3

TRADE

Entry Date: 26-Oct-2015, 

Entry Date: 09-Nov-2015. 

Entry: LIMIT BUY @ 1.3170, 

Entry: Limit Buy @ 1.3330. 

Reason for Trade/Setup:

From the ichimoku charting, tenkan-sen, kijun-sen and chikou span all are above the kumo cloud, reflecting a strong bullish view, the price action which was supported by the kijun-sen on 23 Oct 2015 validated the bullish view and support of the kijun-sen. A limit order was placed on 26 Oct 2015 above the high of the 4 hour bar. Price triggered the order the following day.

Placed another order on 09-Nov-2015, which was triggered on 12-Nov-2015. 

Initial Stop: 1.3000, Current Stop: 1.3100. 

Initial Target: 1.3680, Second Level: 1.4020. 

INTERMEDIATE COMMENT

Another limit order was placed on 30-Oct-2015 @ 1.3230. The price action did not have the momentum to move up, it drifted lower instead, and below the kumo cloud. Did not immediately exit or reduce the position as the chikou span was no where in the kumo cloud. Price action moved up again. My order on 30-Oct-2015 happened to expire on 06-Nov-2015.  Missed out the movement upward subsequently.

Taking profit remains a challenge. 

RESULT

N.A

THOUGHTS

It remains a challenge how to take profit. I usually placed @ 3 times the risk. However, in real trading situation, we may not have the luxury to wait till 3 times the risk.

kuraudotrader